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Lumentum Announces Record Q1 Revenues

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Growth up 21 percent year-over-year

Lumentum, a spin-off from JDSU making lasers and photonic products, has reported results for its fiscal first quarter ended October 1, 2016.

"We achieved record revenues of $258.1 million and grew approximately 7 percent sequentially, and 21 percent year-over-year," said Alan Lowe, president and CEO.

He added: "Operating margins were 12.7 percent as we generated favourable operating leverage from higher volume. On a year-over-year basis, Telecom revenue was up 25 percent, Datacom revenue was up 24 percent, and Commercial Lasers were up 12 percent.  Our TrueFlex ROADM revenue accelerated during the quarter and was up 11 percent sequentially, and 184 percent from last year as the North America metro deployments continued and worldwide adoption of our TrueFlex  technology strengthened."

Net revenue for the Q12017 was $258.1 million, with GAAP net loss of $(3.4) million, or $(0.06) per diluted share. Net revenue for Q4 2016 was $241.7 million, with GAAP net profit of $14.3 million, or $0.23 per diluted share. Net revenue for the Q12016 was $212.6 million, with GAAP net loss of $(0.2) million, or $0.00 per diluted share.

Non-GAAP net income for the Q12017 was $30.7 million or $0.49 per diluted share. Non-GAAP net income for Q42016 was $25.4 million, or $0.41 per diluted share. Non-GAAP net income for the Q12016 was $14.8 million, or $0.25 per diluted share. The Company held $166.8 million in total cash at the end of Q1 2017, which increased $9.7 million sequentially, and the company remains debt-free.

Business Outlook

For the fiscal second quarter of 2017, the company expects net revenue to be in the range of $258 million to $270 million, non-GAAP operating margin to be 12.4 percent to 13.7 percent, and non-GAAP diluted earnings per share to be $0.47 to $0.55 per share, based on approximately 63.0 million shares outstanding on a fully diluted basis.



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